Every now and then you might fall into a situation where you need a small amount of cash immediately and you are not able to arrange the required funds. Herein, you need a small helping hand which keeps you afloat in the troubled waters. Well, payday loans can serve as a life boat.
What are payday loans?
As the name suggests a payday loan is a credit or cash advance loan which you have to repay on your next payday. Usually the tenure of such loans is very short ranging from 7 to 30 days. In most cases you are required to repay the complete loan amount with interest as a single lump sum when you get your next paycheck.
However, before you apply for a payday loan it is important that you consult a loan broker and understand if the decision would be the right one for you.
What you should bear in mind?
Being swift cash advances, the rate of interest on payday loans in the UK is much higher than other loans. For example, a regular lender charges £25 on every £100 that you borrow and this interest could be for tenure of 7 to 30 days. Hence you can see that the interest that you pay for a payday loan is very high.
At Loan Princess we would guide you to avail payday carefully so that it is affordable for you. At the same time, we caution you to pay no hidden charges or processing fee and read the loan terms and conditions carefully.
Things to avoid
First of all you should avoid making use of payday loans for expenses that can be avoided. Unless you have a situation where your car has broken down or a falling tree branch has damaged your roof and the repairs are not covered by insurance, you should really avoid taking a payday loan.
We would guide you to avail affordable options such as instalment loans which allow swift cash transfer.
The other thing that people are normally convinced to do is take one payday loan to pay off another. This would be financial suicide because you will end up in a vicious cycle of one debt after another and will never be able to get out of it. In the end you will be forced to default on your loan and this will negatively impact your credit rating. This in turn will affect your ability to borrow money for more important purposes in the future. Hence be very careful while taking a payday loan as you should be sure of being able to repay it within a stipulated time frame.
However, the above mentioned situation is less of a worry with us because in case you are finding it difficult to repay the loan on time, you can get in touch and discuss your situation. Our services can act as mediator between you and the lending agency and you could successfully find out a solution that is mutually satisfactory to both the parties.
This solution could be converting a single lump sum repayment into instalments or extending your loan tenure. However, here again you should be absolutely sure that this method is necessary for you because when the tenure is extended the interest that you pay the lender will also increase. All said and done it is necessary to act with caution as far as payday small loan is considered.
Benefits of opting for Loan Princess
Loan Princess is the UK based broker. We adhere to all the regulations of the Financial Conduct Authority or the FCA and ensure that during any deal the borrowers’ interests are priortised. We do not charge any additional charges and make a transparent deal. We guide you to deal with legitimate lending agencies which follow the FCA guidelines and specifications to the letter. This way you are protected from loan sharks and other unscrupulous lenders.
What do you do if you have bad credit?
We understand that in the current global financial scenario anyone can end up with bad credit. Often bad credit is also the result of some cumulative small mistakes or oversights on your part. However, you need not worry if you have bad credit because our loan advisers will provide free advice in order to help you repair your credit score. We will also help you to get bad credit payday loans. We would introduce you to the unconventional lenders who are ready to take a higher risk and provide loans to people who have bad credit as long as they are able to assure the lenders that they are currently in a position to repay the loan.
Do not fall prey to No Credit Check Fraud
If you see an advertisement that says that the lender will give you no credit check payday loans, then it should immediately ring a warning bell. This is because providing loans without a credit check is neither legal nor possible in the UK. Every lender is bound by the regulations of the FCA to conduct a credit check before providing a loan in order to lend in a responsible manner.
At Loan Princess, we would reveal how you could ask a lender to go soft on the credit check and take other factors into account while approving your loan.
So in case you find yourself in a financial emergency then all you need to do is log on to our official website and share your details. We will contact to you to sail through the hard times.
We compare loans that can be paid back over terms of between 1 and 25 years. The APR interest rate you’ll be charged depends on your personal circumstances, and will be between 3.2% and 99.9%.
This is a representative example of what it may cost: a Loan of £7,500 over 60 months at 3.3% APR would equate to monthly repayments of £135.60, and the total cost of the loan that you pay back would be £8,136.22